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Authors

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Article

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The most up-to-date version of this piece can be found in the Duke Law Scholarship

forthcoming, 94 Minnesota Law Review (June 2010)

Abstract

This article examines the dilemma of a fiduciary acting after default for parties who, as among themselves, have conflicting commercial interests (e.g., different priorities or sources of payment). Such a fiduciary faces the difficult task of trying to understand and balance the respective obligations owed to those parties and the risk of being sued no matter how the balancing is performed. This has become a very real problem as defaults increase in complex debt instruments.